Casino operator posts record quarter

LAKE TAHOE -- Harveys Casino Resorts of Lake Tahoe reported net income of $5.3 million for the quarter ending May 31, up from $1.5 million in the year-ago quarter.

The company posted net revenues of $117.2 million, up 51 percent from the year-ago period, and cash flow of $30.1 million, up 69 percent. Both were quarterly records for Harveys.

Most of the increase came from Bluffs Run Casino, which opened during the quarter ending Nov. 30, 1999. Without that property, located in Council Bluffs, Iowa, Harveys would have posted revenues of $83 million, up 7 percent, and cash flow of $19.9 million, up 12 percent.

Harveys owns and operates Harveys Resort and Casino in Lake Tahoe, as well as casinos in Council Bluffs and Central City, Colo.

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